The Central Bank of Nigeria (CBN) will conduct a Treasury Bills (T-Bills) auction on Wednesday, October 22, 2025, to roll over a total of N650 billion in maturing short-term government debt.
This auction is a standard refinancing effort, not fresh borrowing, aimed at managing government liquidity.
Offer Breakdown
The N650 billion will be offered across three tenors:
- {N100 billion for the 91-day bill.
- N100 billion for the 182-day bill.
- N450 billion for the 364-day bill.
Market and Investment Focus
The sale will use a Dutch auction (competitive bidding) format. The CBN’s decision to simply roll over the N650 billion suggests a cautious approach to liquidity, aiming to meet financing needs without adding to inflationary pressures.
Analysts anticipate strong demand, especially for the longer-dated 364 – day bills, which traditionally offer higher yields. Investors will closely watch the final accepted interest rates (stop rates) as they signal the direction of short-term yields in the market.
